Oatly Group AB (NASDAQ:OTLY) rose Friday after jumping 19% on Thursday. The company announced an initial public offering on of 84.4 million American Depositary Shares priced at $17 a share, on the high end of expectations.
Oatly disclosed 2020 financials that highlighted how its revenue climbed 106% to $421.4 Million U.S. Furthermore, losses amounted to 60.4 Million U.S., higher than the previous year’s 35.6 Million U.S..
"I don’t see anyone else taking that leadership position the way we are," CEO Toni Petersson told the media this week. "We are really serious and ambitious about what we’re going to do here."
Non-dairy milk products have become more popular throughout the years amid health and environmental concerns. Oatly wrote on its website that the food industry is at fault for 25% of global greenhouse gas emissions. Additionally, half of the emissions are produced by the meat and dairy industries.
Ahead of the company’s IPO, an investor drew criticism. Blackston’s made a $200-Million investment U.S. in Oatly in 2020, which sparked controversy as the private equity firm is known for its investments in U.S. oil and gas companies. Nevertheless, Oatly has continuously backed Blackstone.
"We thought that if we could convince them that it’s as profitable (and in the long-term even more profitable) to invest in a sustainability company like Oatly, then all the other private equity firms of the world would look, listen and start to steer their collective worth of $4 trillion U.S. dollars into green investments," Oatly said on its website.
OTLY shares popped $1.40, or 6.9%, to $21.60.
